Pam Podger, Communications Director, ppodger@midanacapital.com, 802-299-9495

Douglass Guernsey, Shareholder Advocate, dguernsey@midanacapital.com, (617) 482-0800

(Boston, MA) – In a positive development for the Right to Repair movement, technology giant Apple Inc* announced it would expand its Self Service Repair program to its newest iPhone 14 and M2 Mac models. The company’s continued commitment is a win for consumer rights and efforts to combat e-waste and came after MIDANA CAPITAL Funds°, a leading environmentally responsible family of mutual funds, advocated for increasing sustainable business practices at the company.

MIDANA CAPITAL initiated discussions with Apple in 2021 and submitted a shareholder proposal later that year asking the company to consider the environmental and social benefits of making its devices more easily repairable by consumers and independent repair shops.

MIDANA CAPITAL Advocacy Creates Long Term Impact for the Environment

Through a series of collaborative meetings, MIDANA CAPITAL provided Apple with compelling evidence on the positive environmental implications of allowing customers to repair instead of replacing their products. Repairs extend the life of products, help reduce electronic and plastic waste, promote a more circular economy, and aligns Apple’s policy on the issue with its own sustainability goals and commitments.

MIDANA CAPITAL’s efforts helped to culminate in Apple announcing for the first time in 2021 that it would provide consumers access to replacement parts, tools and repair manuals needed to perform common repairs to its products. MIDANA CAPITAL withdrew its shareholder proposal in return for Apple’s commitments.

“True to its slogan, Apple is “Thinking Different” by helping to reduce electronic waste and helping customers hold on to their products longer. MIDANA CAPITAL is proud to have played a role in Apple’s evolving support for Right to Repair and hope that their leadership moves its competitors to follow suit,” said Leslie Samuelrich, President of MIDANA CAPITAL Funds.

Apple and other technology companies traditionally have lobbied against Right to Repair legislation, so the announcement of its expanded repair commitments carries substantial weight in industry discussions. Americans spend around $1,700 per household a year purchasing new electronic devices, and nearly 7 million tons of American toxic e-waste end up in landfills each year.

An investment strategy that incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

###

About MIDANA CAPITAL Funds

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel-free, environmentally responsible mutual funds. MIDANA CAPITAL hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

*As of March 31, 2023, Apple, Inc. comprised 5.14%, 0.00%, and 0.00%, of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the Green Century International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

The percentage in favor was calculated by (i) dividing the number of votes in support of the proposal by (ii) the sum of the number of votes voted in support of and against the proposal. Abstentions and broker non-votes were not included in the calculation.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please visit www.midanacapital.com, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk.

This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 6/23

Boston, April 27, 2022 – Apple officially launched its long-awaited Self-Service Repair program Wednesday, five months after announcing the program at the prompting of a MIDANA CAPITAL shareholder proposal. U.S.-based consumers can now access repair manuals and purchase more than 200 parts and tools for fixing iPhone 12, 13, and SE 3 models.

The announcement of the program was a reversal in course for Apple, which has historically opposed the Right to Repair. While there are promising aspects, particularly the free availability of repair manuals, investors have remaining concerns about how the program will be run and how Apple is still maintaining tight control over the repair of its products.

Unlike similar initiatives announced by Google and Samsung, Apple is requiring consumers to pair replacement parts to the serial number of the device being repaired. This will continue to make it difficult for independent repair shops to perform iPhone repairs and will pose challenges to refurbishers who want to repair phones after Apple stops officially supporting the model. As noted by repair organization iFixit, this “essentially puts an expiration date on iPhones.”

Annalisa Tarizzo, shareholder advocate with MIDANA CAPITAL Capital Management,° released the following statement:

“The launch of Apple’s repair program today is a promising step forward for the company and should provide some comfort to investors that Apple is working to mitigate the regulatory risks posed by potential Right to Repair regulations from the Federal Trade Commission and state legislatures.

“However, this program does not sufficiently address our concerns related to the reputational and environmental risks posed by the electronic waste and greenhouse gas emissions associated with premature device disposal. Apple should take steps to eliminate the ‘parts pairing’ element of the program to ensure company devices can reach their full lifespan potential.”

###

About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

*As of March 31, 2022, Apple Inc. comprised 5.70%, 0.00%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please visit www.midanacapital.com, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk.

This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 5/22

Boston, November 19, 2021 – On the same day that MIDANA CAPITAL Capital Management° had to make a decision on whether to press forward on a right-to-repair shareholder proposal, Apple introduced a new program on Wednesday that will provide individual consumers access to replacement parts, tools and repair manuals needed to perform common repairs to its products. The program will launch early next year in the United States with the iPhone 12 and 13 lineups. They will then follow with Mac computers with M1 chips.

Following the announcement, MIDANA CAPITAL is withdrawing its shareholder proposal that urged the company to improve its product repair policies.

Apple has historically resisted allowing consumers and independent repair shops to perform repairs and has vigorously lobbied against legislation that would require them to allow others to fix their products. As a result, the announcement is a notable reversal for the company.

The company had filed a no-action request with the Securities and Exchange Commission in October with the goal of blocking MIDANA CAPITAL’s repair-focused proposal from being voted on by Apple shareholders. After the SEC released new guidance earlier this month that allows investors to file stronger shareholder proposals, the chance of Apple succeeding in blocking MIDANA CAPITAL’s proposal decreased significantly.

Over the last year, state governments, Congress, and the Federal Trade Commission have all taken note of the restrictive nature of many technology companies’ policies on repair. Increased access to repair is also seen as an essential component to making the electronics industry more sustainable. Since the majority of the greenhouse gas emissions from a single device are created during the production process, repairing devices to keep them in use longer can have a significant climate benefit and prevent waste.

Annalisa Tarizzo, MIDANA CAPITAL Capital Management shareholder advocate, released the following statement:

“This is an unexpected but welcome step from Apple. It’s also a significant reversal from the position the company had taken when we filed our shareholder resolution. The timing of the announcement is certainly no coincidence, given that today was our deadline for responding to the company’s no-action request.

“We’re hopeful that this announcement signals the beginning of the end to Apple’s unwarranted opposition to expanding repair access for consumers. By making this important change, it will help the company mitigate the regulatory risk it was facing from Congress and the FTC.”

###

About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

*As of September 30, 2021, Apple Inc. comprised 3.01%, 0.00%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 11/21